Pennington, Texas Property Taxes
The median property tax rate in Pennington, TX is 1.12%, which is higher than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $103,355, the typical annual property tax bill in Pennington reaches $1,109, still below the national median of $2,690. Property taxes in Pennington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Pennington's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Pennington or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pennington, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$1,158
$1,071
Ownwell’s Pennington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pennington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pennington to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Pennington, Texas
Property taxes in Pennington, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pennington is 1.12%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Pennington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pennington estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Pennington's effective property tax rate to other counties in Texas and the national median. For comparison, the 75856 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Pennington provides valuable insights into the varying tax landscape across Houston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pennington Tax Rate
1.12%
Average Houston County Tax Rate
1.41%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pennington, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75856 | 0.46% | 0.58% | 1.12% | 1.29% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Pennington, Texas
In Pennington, Texas, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Houston County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Pennington, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The median home price in Pennington is $103,355, with tax bills ranging from $401 at the 25th percentile to $2,785 at the 90th percentile. The highest and lowest median tax bills are both $1,109 in the 75856 zip code. Being aware of these valuation processes in Pennington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pennington Assessed Value
$103,355
Average Houston County Assessed Value
$89,420
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pennington, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75856 | $27,931 | $54,395 | $103,355 | $190,335 | $262,297 |
Source: Ownwell
Property Tax Bills Across Pennington, Texas
In Pennington, Houston County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the local appraisal district. The assessed value is typically a percentage of the market value of the property. Homeowners in Pennington can expect their tax bills to vary significantly, with the 25th percentile paying around $401, while those in the 75th percentile see bills closer to $1,970. At the higher end, the 90th percentile of homeowners face tax bills up to $2,785. Several factors influence the final tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions. For instance, the median home price in Pennington is $103,355, which plays a crucial role in determining the tax amount. Compared to the national median property tax rate of 0.99%, the rates in Pennington can lead to relatively variable tax obligations, impacting homeowners' annual budgets and financial planning.
Average Pennington Tax Bill
$1,109
Average Houston County Tax Bill
$1,317
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Pennington, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75856 | $143 | $401 | $1,109 | $1,970 | $2,785 |
Source: Ownwell
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 15 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Houston Appraisal District | |
| Website | www.houstoncad.org |